Uniswap Labs is the largest decentralized platform on the Ethereum network. The company wants to launch a mobile crypto wallet for iPhone users, but Apple reportedly won't allow it. Uniswap Labs has announced plans to launch a new personal custody mobile wallet. This wallet will allow users to trade on L1 or L2 networks without having to switch networks. This will allow users to more easily and quickly switch between cryptocurrencies on different networks. This new feature will help users gain more flexibility and freedom in their exchange operations.
The decentralized platform said they have responded to Apple's concerns and are fully compliant with the specifications. Apple is known to be a strict gatekeeper in regulating access to iOS, the crypto world's mobile software ecosystem. The iPhone maker refuses to accept trading policies to suit crypto companies and bans crypto trading apps that do not use an "approved exchange". Therefore, the launch of Uniswap Labs' mobile crypto wallet may be delayed by Apple.
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Uniswap Wallet
Uniswap Labs is uncertain whether it will meet Apple's criteria for an "approved exchange" because as a DEX they route transactions through Uniswap's decentralized exchange. As a non-custodial crypto wallet app, Uniswap has the characteristics of an unregulated exchange. However, the Design Lead of Uniswap Labs says he does not believe the company needs to comply with existing regulatory regimes for the wallet app to launch.
Other crypto wallet apps available on iOS support DEX token trading. Even market leader Metamask routes some trades through Uniswap. The Design Lead at Uniswap Labs says that Apple has given different companies different answers about what is appropriate, leading to confusion.
Uniswap Labs stated in a press release that its planned mobile app is primarily a crypto wallet where users will be able to protect their assets themselves. That is, users will have full ownership and control over their assets. They also announced that they will offer the ability to "trade tokens directly" with Uniswap, which has an average 24-hour trading volume of more than $1.2 billion, according to CoinGecko.
Rather than wait for Apple's approval, Uniswap Labs said it plans to release its app to 10,000 users through the TestFlight beta platform. Design Lead Capuozzo stated that the limited release will be an opportunity for Uniswap to demonstrate to Apple that its service is secure.
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